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Green Sapphire Holdings, Inc. Files for Bankruptcy

On May 14, 2025, Green Sapphire Holdings, Inc. filed for bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Illinois.

Green Sapphire’s debts include $235,891.25 owed to the law firm of Halloran, Farkas & Kittila LLP, which, until recently was representing Green Sapphire in the Delaware Court of Chancery. However, in light of this debt, counsel moved to withdraw from their representation of Green Sapphire. Plaintiff Global Capital Partners alleged in opposing counsel’s withdrawal that it was “only the latest tactical maneuver by Green Sapphire designed to achieve what the Court has twice denied–no trial of this action until after the Villa Mona permit will have expired.” See ¶ 2. Global Capital further alleges that, “Green Sapphire has repeatedly sought to delay the trial date. Alpha Carta entered this case for that very purpose. Both Green Sapphire and Alpha Carta are two units in the family office of a man named Thane Ritchie. The intention of Thane Ritchie’s companies is evident: to avoid discovery and run out the clock on this expedited action.” See ¶ 10. (emphasis added).


Vice Chancellor Laster Granted With Modifications the Motion to Withdraw, ordering Green Sapphire to obtain new counsel by May 16, 2025 on pain of default. Instead, Green Saphire went to the Northern District of Illinois and filed for bankruptcy, thereby invoking the automatic litigation stay pursuant to 11 U.S.C. § 362 with respect to the Delaware litigation.

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